Q2 2026 Millicom International Cellular SA Earnings Call Transcript

Aug 6, 2026 / 12:00 PM GMT

Release Date Price: €90 (+12.50%)

Transcript

Key Points

Positve

Millicom International Cellular SA (TIGO) delivered record adjusted EBITDA of $1 billion for the first time in a single quarter, with organic growth of 9.1% year-over-year.
The company raised its 2026 equity free cash flow guidance to around $1.1 billion, up from the previous target of at least $900 million, reflecting strong cash generation.
Postpaid customer base grew by more than 31% year-over-year, driven by a successful prepaid-to-postpaid migration strategy, with two-thirds of new postpaid sales coming from prepaid conversions.
Guatemala delivered its strongest quarterly performance in 10 years, with mobile service revenue growth of 6.4% and an adjusted EBITDA margin of 55.6%.
Recent acquisitions, including Coltel and Chile, are already contributing positively to equity free cash flow within their first year of ownership, demonstrating effective integration and execution.
The company improved its year-end leverage target to below 2.5 times, and the board approved an additional interim dividend of $1.50 per share, reflecting confidence in future cash flows.

Negative

Reported prepaid and home subscriber figures in Colombia included a normalization effect due to harmonization of reporting standards, which temporarily distorted subscriber growth trends.
The company incurred approximately $35 million in restructuring charges in Q2, primarily related to the Colombian integration, which slightly pressured adjusted EBITDA margins.
Chile remains a highly competitive market with aggressive pricing and elevated churn, posing ongoing challenges despite early progress in restructuring and efficiency improvements.
Home service revenue growth of 3% was partly driven by a one-off FIFA World Cup effect, with 80% of that growth attributed to the event, which may not be sustainable in the long term.
Equity free cash flow in Q2 benefited from favorable expense timing and working capital movements, and management cautioned that the remainder of the year may not match this record level.
The company expects margin contraction in Ecuador in the second half of 2026 due to planned marketing and promotional investments for the Tigo brand launch.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TIGO.OQ - Millicom International Cellular S.A.
Q2 2026 Millicom International Cellular SA Earnings Call
Aug 06, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone and welcome to our second quarter 2026 results call.

This event is being recorded.

Our speakers today will be our CEO Marcelo Inites and Bart van Aren, CFO of the company.

The slides for today's presentations are available on our website along with the earnings release and our financial statements.

Please turn to slide 2 for the safe harbor disclosure.

We will be making forward-looking statements which involve risks and uncertainties, which could have a material impact on our results.

On slide 3, we define the non-IFRS metrics that we will be referencing throughout the presentation. You can find the reconciliation table in the back

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